A member of the UN’s ‘Caring for the Planet’ Business Forum and the Taskforce on Climate-Related Financial Disclosures, Tokio Marine promises to be a “Good Company”.
Then why is Tokio Marine among the 10 biggest insurers of coal, oil and gas projects that fuel the climate crisis?
A 'Good Company' For
The World's Fossil
Tokio Marine’s insurance for fossil fuels is undermining efforts to limit global heating to 1.5C in line with the Paris Climate Accord. Most fossil fuel extraction, transport and power projects would not proceed if it weren’t for a small number of insurers like Tokio Marine that continue to underwrite them.
Greenwashing their image while insuring fossil fuels
Tokio Marine’s role in promoting fossil fuels stands in contrast to the image it tries to spin to investors and the public through affiliating its name with voluntary ESG initiatives such as the Taskforce on Climate-Related Financial Disclosures, Caring for Climate, Climate Wise and Japan’s Sustainable Investment Forum. Engagement in closed-door dialogues is not sufficient.
Tokio Marine needs to stop insuring and investing in the coal sector and other fossil fuel industries.